FOR IMMEDIATE RELEASE
February 6, 2020 – Columbus
January Tax Revenues $44.7 million above Monthly Estimate
Office of Budget and Management Releases Preliminary January Revenue Data
Today, the Office of Budget and Management released preliminary January 2020 revenue data. Total General Revenue Fund tax receipts finished the month $44.7 million (2.0%) above estimate.
Total fiscal-year-to-date tax receipts through January exceed estimates by $137.9 million (1.0%) and are $389.9 million (2.9%) over total tax receipts through the same period last fiscal year.
- The Commercial Activity Tax exceeds estimates by $33.7 million, or 3.9 percent fiscal year-to-date.
- The Auto Sales & Use Tax exceeds estimates by $35.7 million, or 4.0 percent fiscal year-to-date.
- The Non-Auto Sales & Use Tax exceeds estimates by $74.9 million, or 1.3 percent fiscal year-to-date.
- The Personal Income Tax is under estimate by $19.2 million, or -0.4 percent fiscal year-to-date. This underage is largely the result of larger-than-estimated refund activity so far this fiscal year. If not for the refund component, Personal Income Tax revenue would also exceed estimates.
Total tax receipts in January Fiscal Year 2020 exceeded January Fiscal Year 2019 by $76.1 million, or 3.4%.
A more detailed explanation will be included in the Monthly Financial Report, which will be posted on the OBM website on Monday, February 10.